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<\/p>\nThe American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a build of 1.3 million barrels in the week ending November 7, after analysts anticipated a 1.7 million barrel build. Crude oil inventories gained 6.5 million barrels in the week prior.<\/p>\n
Crude oil inventories in the United States are so far showing a net gain of 4.9 million barrels for the year, according to Oilprice calculations of API data.<\/p>\n
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Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 1 million barrels to 410.4 million barrels<\/a> in the week ending November 7 as the government attempts to replenish the nation\u2019s oil stockpile that shrank during the Biden Administration.<\/p>\n US production rose during the week of October 31, to 13.651 million bpd<\/a>, according to the EIA. This is 116,000 bpd more than the beginning of the year levels, and a new record based on EIA reported weekly data.<\/p>\n At 3:22 pm ET, Brent crude<\/a> was trading down, by $2.53 (-3.88%) on the day, sinking to $62.63 after OPEC published its latest MOMR that showed it no longer expected the oil markets to be in a deficit next year. Current prices are a $2 per barrel loss week over week. WTI<\/a> was also trading down on the day, by $2.66 (-4.36%) at $58.38.<\/p>\n